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iComply Announces Security Token Patent and Prefacto Licensing Program

iComply Announces Security Token Patent and Prefacto Licensing Program

by | Sep 14, 2023 | Prefacto, Blog, In The News, News & Events

US Patent grants iComply exclusive rights to a pivotal security feature for tokenized assets and announces Prefacto™ licensing program

VANCOUVER, B.C. – September 14, 2023 – iComply, a global compliance technology provider, is pleased to announce a new licensing program for US patent US-20220103378-A1 System and Method for Off-chain Cryptographic Transaction Verification, an essential technology that ensures transactional compliance for financial institutions using blockchain.

Filed on July 18, 2018, this patent was the first to cover the key technology behind the industry’s issuance and trading of regulatory compliant security tokens, central bank digital currencies (CBDCs), non-fungible tokens (NFTs), and stablecoins.

Since 2018, the security token market has seen explosive growth, boasting a current value of over US $17B.  Leading consulting firm Security Token Advisors CEO Herwig Konings believes “that capital markets will move towards a natively-blockchain based asset and securities life cycle and use tokenized assets to reinvent the customer experience and back office administration.” Experts from premier global financial institutions project that by 2030, US $30T worth of tokenized assets will be in circulation, a staggering CAGR of 410%. 

“The scale at which the industry has already adopted Prefacto™ IP is exciting,” states iComply CEO Matthew Unger. “We are not only enhancing the standards of digital finance concerning security and liquidity but also streamlining blockchain transactions across diverse providers.”

Bridging Traditional Compliance with Blockchain Innovation

Today, consumers benefit from seemingly instantaneous authorization of credit card payments at millions of merchants globally. However, unseen complex processes behind each transaction often take several days to settle, particularly where existing traditional systems require a funds transfer between the customer’s bank and the merchant’s bank.

Prefacto™ leverages foundational blockchain technologies including whitelisting and transaction validators to enable instant settlement of transactions globally. Spearheading the program Peter Nieforth, SVP Licensing, states, “Prefacto™ dramatically reduces the operational costs of ensuring compliance, trust, and integrity in global financial transactions.”

The Future of Financial Transactions

iComply was founded with a vision to power trustworthy transactions for billions of people. The latest Prefacto™ patents and newly launched licensing program are key milestones in the company’s journey, creating the foundation for financial institutions, tokenization platforms, and trading facilities worldwide to join them on this mission.

About iComply:

iComply Investor Services Inc. has been pioneering compliance technology since 2017 and is headquartered in Vancouver, Canada. Using artificial intelligence, blockchain, and edge computing, iComply’s Prefacto™ and iComplyKYC™ solutions are set to redefine the sector, enabling organizations to harness opportunities offered by digital transformation—without compromising compliance, privacy, or scalability. Learn more: www.icomplyis.com 

Sanctions Update: Russia, Ukraine, and Global Uncertainty

Sanctions Update: Russia, Ukraine, and Global Uncertainty

by | Mar 14, 2022 | Blog, In The News, News & Events, Updates

Sanctions Update: Russia, Ukraine, and Global Uncertainty

The Update: What Happened?

Uncertain relations between Ukraine and Russia continue to affect many countries engaging in trade including Canada, the United States, the European Union, China, Iran, and Russia. Effective DATE, sanctions have been imposed and will continue by the largest countries doing trade with Russia; most significantly, the United States. 

 

The Background: SWIFT Access Sanction – Russia’s Main Banking System

On February 26th, a call to action was imposed by the European Commission, France, Germany, Italy, the UK and the US to remove specific banks from the SWIFT (system that facilitates financial transactions and money transfers for banks located around the world) messaging platform. The agreement was imposed to break down Russia’s financial system, a method to further hamper the invasion in Ukraine. Additionally, any other banks will be affected as a German government source reported.

 

The Solution: How iComply Can Help

iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device

Our iComplyKYC solution enables access to the most up-to-date client data available and gain a more comprehensive view of risk related to each entity. It also uses AI and deep data analysis to identify new risks and sanctions within 17 minutes, enables management to visualize the volumes and bottlenecks in KYC and AML operations, and it reduces the operational cost of AML risk screening, record keeping, and reporting.

 

How can iComplyKYC screening help you enhance your sanctions compliance? 

Our solution’s capabilities onboard natural persons, beneficial ownership,  and legal entities data, saving your organization time and valuable resources. By using iComply’s platform, you can easily scan sanctioned banks listed by regulatory authorities.

 

Why is this important to my business/organization?

iComply is working with its clients to ensure they have their bases covered from an AML/KYC compliance perspective.

  • Improve screening accuracy while minimizing false positives
  • Stay on top of ever-evolving financial crime activity
  • Ensures GDPR compliance so your organization does not risk being imposed with hefty financial penalties from regulators
  • Do all your compliance checks and due diligence for you rather than using your own human resources or having to contract with multiple vendors 
MIT Exec and Trusted Computing Expert Thomas Hardjono Joins iComply

MIT Exec and Trusted Computing Expert Thomas Hardjono Joins iComply

by | Sep 22, 2021 | Advisory Council, Blog, In The News, News & Events, Updates

MIT Exec and Trusted Computing Expert Thomas Hardjono Joins iComply

Hardjono serves as Technical Director of the MIT Trust::Data Consortium and as CTO of MIT Connection Science

Vancouver, B.C. – September 22, 2020 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that Thomas Hardjono has been appointed to iComply’s advisory board. He is internationally recognized as a leader and innovator in trusted computing, identity, data privacy, applied cryptography, and cybersecurity.

Hardjono is currently the CTO of Connection Science at MIT and technical director of the MIT Trust::Data Consortium. He previously served as executive director of the MIT Kerberos Consortium, where he was instrumental in driving widespread adoption of the Kerberos protocol, which is now the most ubiquitously deployed authentication protocol used for identity management in the world. Over the past two decades, he has held various technical leadership roles including as a distinguished engineer at Bay Networks, and principal scientist at VeriSign PKI.

“Advancement in trusted computing has historically been driven by hardware innovation, but iComply has focused on delivering those same capabilities through software innovation, which can bring unprecedented flexibility to operations requiring secure authentication,” said Matthew Unger, CEO of iComply. “The highest levels of identity assurance used to be limited to specialty hardware, we can now deliver this same confidence, security, and privacy to any mobile or web application.”

iCompyKYC uses edge computing for identity verification, which protects biometric data by allowing the verification to take place on the user’s device, maintaining an unprecedented level of privacy for personal data.

“iComply’s degree of implementation is quite extensive, and the dashboard that they have built is terrific. iComply has a strong and very clear vision. This is one of these linchpin technologies that the industry desperately needs,” said Thomas Hardjono. “The traditional banks, private organizations, and governments need to step up their game and move in this direction. On the horizon, we have central bank digital currencies, cryptocurrencies, NFTs, and decentralized finance (DeFi) that need to manage all of the things that iComply can manage.”

iComply combines edge-computing KYC onboarding portals with enterprise-level controls for AML risk screening and data management to provide a complete solution that processes users’ data securely on their devices. The solution spans know your customer, anti-money laundering, digital identity, and access management.

 

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About iComply Investor Services Inc.
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device. Learn more: www.icomplyis.com

iComply Attracts Top Canadian RegTech Executive Paul Childerhose

iComply Attracts Top Canadian RegTech Executive Paul Childerhose

by | Sep 15, 2021 | Advisory Council, Blog, In The News, News & Events, Updates

iComply Attracts Top Canadian RegTech Executive Paul Childerhose

Canadian regtech expert Paul Childerhose will serve as a member of iComply Investor Services’ advisory board

Vancouver, B.C. – September 15, 2020 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that Paul Childerhose, a recognized leader in the Canadian RegTech industry, has been appointed to iComply’s advisory board.

Childerhose has over 20 years of experience in the Canadian financial services sector and serves on the board of the Canadian Regulatory Technology Association (CRTA). He has deep expertise in back-office operations, new product development, client and account management, and regulatory compliance. Previously, he also held senior roles at Royal Bank of Canada, Star Data Systems, CGI Inc., and Scotiabank.

“The iComplyKYC solution is far superior to what I have observed in the current enterprise-wide anti-money laundering programs of large global banks,” said Childerhose. “The core features and controls that have been incorporated into the platform can enhance the current client onboarding and KYC experiences for many institutions.”

iCompyKYC uses edge computing for identity verification, which protects the users’ biometric data by allowing the verification to take place on the user’s device. This means that personal data is authenticated, and encrypted before any of that data leaves the user’s device.

“Edge computing offers a unique approach that drastically improves data privacy and security, and significantly reduces the total cost of KYC and AML operations,” said Matthew Unger, CEO of iComply, “Making user privacy and consent core to client onboarding has been an incredibly complex challenge for the industry. It was important to us to focus on solving this problem, and in doing so we have unlocked new levels of data protection and privacy for our clients.”

The iComplyKYC platform is currently being used by Canadian law enforcement, credit unions, legal, M&A, and accounting firms, and fintech businesses globally. It combines secure KYC onboarding portals with enterprise-level controls for AML risk screening and data management to provide a complete, all-in-one solution spanning know your customer, anti-money laundering, digital identity, and access management.

 

 

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About iComply Investor Services Inc.
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device. Learn more: www.icomplyis.com

The Economist + iComply: Banking on Blockchain

The Economist + iComply: Banking on Blockchain

by | Oct 28, 2019 | Blog, iComply Insights, In The News, News & Events

The Economist + iComply: Banking on Blockchain

As Seen In: The Economist and iComply – Banking on Blockchain

This September, iComply Investor Services partnered with The Economist on their Future Banking and Payments series to publish our “Banking on Blockchain” article covering the latest industry data regarding tokenization and blockchain technologies, and dispelling the broad misconceptions that people hold about this emerging digital market.

As the world of finance becomes increasingly automated, institutions will be required to maintain stricter regulations on how their digital systems handle customer data, financial models, and compliance reporting.

Using a blockchain, companies can open the door to comprehensive, intuitive business practices–spending 80-95% less on administration to automatically manage clearing, transfers, settlements, and compliance, at 1/160th of the time it typically takes in the public markets.

Addressing some of the key falsehoods about tokenization, iComply dives deep into proven industry insights regarding how tokenization is helping businesses save time, effort, and money on their compliance. 

To read the full article at The Economist, click here.

iComply Investor Services (iComply) is an industry leading and award winning Regtech (regulatory technology) company specializing in compliance automation for digital finance. Our suite of enterprise solutions helps companies overcome the cost and complexity of multi-jurisdictional compliance to effectively access new markets and opportunities.

iComply “Most Forward-Thinking Work Being Done” Related to Blockchain Settlement

iComply “Most Forward-Thinking Work Being Done” Related to Blockchain Settlement

by | Oct 15, 2018 | Blog, In The News, News & Events, Press Releases

Chicago, Il. — FIA announced that iComply Investor Services Inc. (“iComply”) is one of 15 companies chosen to exhibit in the Innovators Pavilion at the 34th Annual FIA Expo in Chicago October 16 – 18. Innovators Pavilion showcases startup companies providing forward-thinking solutions for the futures, options and cleared swaps industry.

iComply was chosen from a competitive pool of applicants to showcase its offerings to more than 4,500 attendees at the largest gathering of derivatives industry professionals in the world. The Innovators Pavilion provides each FIA Innovator with a Tech Pod on the Expo show floor that can be used to display its services. iComply will also be featured in the official conference guide, the FIA’s service provider directory, and the event app. In addition, five FIA Innovators will be chosen to take part in a Meet the Innovators competition in which each company will have five minutes to pitch its services to Expo attendees. Following the competition, a panel of judges will select one company as the FIA Innovator of the Year and award that firm a prize of cash and other resources valued at more than $20,000.   

This year’s Innovators Pavilion is sponsored by Amazon Web Services and supported by several fintech organizations and angel investor groups, including Fintech Sandbox, FinTEx, Hyde Park Angels, Rise New York and Seismic Foundry.

“I’m proud to announce that iComply was chosen to be featured in the 2018 class of FIA Innovators,” said Matt Haraburda of XR Trading, chairman of the Innovators Pavilion selection committee and executive committee member of the FIA Principal Traders Group (FIA PTG). “iComply…represents some of the most progressive and forward-thinking work being done in fintech related to cleared derivatives. I’m looking forward to seeing their work showcased at Expo.”

With more than 4,500 people attending each year, the FIA Expo is the largest gathering of derivatives industry professionals in the world. Attendees include senior executives from brokerage firms, exchanges, trading firms, and service providers, and the exhibit hall typically attracts more than a hundred firms as exhibitors.

iComply and other Innovators were selected on the basis of applications that were submitted and reviewed by a committee of industry experts assembled by FIA.  

View the full list of FIA Innovators here.  

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About FIA
FIA is the leading global trade organization for the futures, options and centrally cleared derivatives markets, with offices in London, Singapore and Washington, D.C. FIA’s membership includes clearing firms, exchanges, clearinghouses, trading firms and commodities specialists from more than 48 countries as well as technology vendors, lawyers and other professionals serving the industry. FIA’s mission is to support open, transparent and competitive markets, protect and enhance the integrity of the financial system, and promote high standards of professional conduct. As the principal members of derivatives clearinghouses worldwide, FIA’s member firms play a critical role in the reduction of systemic risk in global financial markets.

About iComply Investor Services Inc.
iComply Investor Services Inc. (iComply) is an award-winning software company focused on reducing regulatory friction in the capital markets. With powerful data, verification, tokenization solutions, iComply helps companies overcome the cost and complexity of multi-jurisdictional compliance to effectively access new markets. Learn more: iComplyIS.com

Streamlining KYC and KYB for Trust and Compliance
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With eCommerce continuing to experience exponential growth since increasing over 50% to over $870 Billion over the course of the pandemic (source), financial fraud and digital criminal activity have risen in tandem, posing a significant threat to financial...

Key Considerations for Implementing KYC Software for Your Business
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Ensuring KYC Compliance: Best Practices for the Legal Industry
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When we think of Know Your Customer (KYC) and AML protocols, most people tend to associate the terms (and practice) with businesses involved in the financial sector, and for good reason. Banks, digital vendors, and other forms of financial institutions are beholden to...